North Korea may be responsible for breach of the Phemex crypto exchange, US$70mn losses

North Korean hackers may be responsible for the multi-million-dollar breach of the Phemex crypto exchange, according to several blockchain security experts. The Singapore-based platform was hacked on Thursday, resulting in losses exceeding $70 million across multiple cryptocurrencies.Phemex suspended withdrawals earlier that day after security firms flagged suspicious activity. Initially, $30 million had been drained, but the attack appeared to continue, leading to further token losses.Phemex CEO Federico Variola addressed the situation on X, stating that while the exchange was investigating a compromise in one of its hot wallets, its cold wallets remained secure and verifiable, promising further updates soon.